N2EX

 

Definition: The UK market offering that is a marketplace for physical UK power contracts. The market is run jointly between NPS (Nord Pool Spot) and NOMXC (NASDAQ OMX Commodities)

 

National Balancing Point (NBP)

 

Definition: A virtual trading location for the sale and purchase and exchange of UK natural gas.

 

National Grid

 

Definition: The entity that owns and maintains the high-voltage electricity transmission system in England and Wales, together with operating the system across Great Britain, balancing supply with demand on a minute-by-minute basis. National Grid owns and operates the National Transmission System as well and owns and operates a significant gas distribution network throughout the heart of England.

 

National Grid Transco (NGT)

 

Definition: The operator and owner of the National Grid and National Transmission System.

 

National Transmission System (NTS)

 

Definition: The UK high-pressure pipeline system, owned by National Grid Transco (NGT), used to transport gas between terminals, storage facilities, large consumers, and regional sites.

 

Negawatt power

 

Definition: A theoretical unit of power representing an amount of energy (measured in watts) saved. The energy saved is a direct result of energy conservation or increased energy efficiency.

 

Netting

 

Definition: An agreement that offsets the value of contracts by creating a single net exposure between counterparties.

 

New Electricity Trading Arrangements (NETA)

 

Definition: A system of bilateral trading between generators, suppliers, and consumers on the UK market, the aim of which is to reduce wholesale electricity prices.

 

New York Mercantile Exchange (NYMEX)

 

Definition: A commodity futures exchange that handles billions of dollars worth of energy products, metals, and other commodities being bought and sold on the trading floor and the overnight electronic trading computer systems for future delivery. The prices quoted for transactions on the exchange are the basis for prices that people pay for various commodities throughout the world.

 

Nominated Consumption

 

Definition: Annual quantity of gas nominated by the customer as their annual estimated consumption requirement.

 

Nominated Interruption

 

Definition: The designation by National Grid Transco of a gas supply point as being interruptible, allowing Transco the right to interrupt the gas supply for operational reasons.

 

Non-firm Service

 

Definition: Electricity transmission service offered to customers that anticipates possible interruption of deliveries.

 

Non-half-hourly (NHH)

 

Definition: Properties with maximum demand under 100kW. The data collector records the readings and other information using special handheld devices. The information from these devices is downloaded into the NHH DC system and forwarded via D10 dataflow to the supplier.